HSBC considers leaving Canary Wharf HQ

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The bank told its investors that it plans to discuss restructuring how Noel Quinn, the firm’s CEO, is remunerated even though his pay nearly doubled last year to £10.6m thanks largely to long-term performance bonuses kicking in.
The bank told its investors that it plans to discuss restructuring how Noel Quinn, the firm’s CEO, is remunerated even though his pay nearly doubled last year to £10.6m thanks largely to long-term performance bonuses kicking in.

HSBC is considering leaving its iconic Canary Wharf headquarters when its lease expires in early-2027.

The bank is carrying out a review of “the best future location in London” for its global headquarters, according to an internal memo seen by Financial News.

HSBC’s options include either renovating its current building or moving to another London location elsewhere.

The review comes as the bank aims to create a more flexible workspace in line with plans to cut 40 per cent of its office space following the pandemic.

HSBC first moved into 45-story 8 Canada Square building in 2002.

The building, which was originally built by Canary Wharf Group, is now owned by Qatar’s sovereign wealth fund which bought it for £1.1bn in 2014.